Calculate the simple interest due (in dollars) on a 3-month loan of $2,700 if the annual simple interest rate is 6.5%. Round to the nearest cent. (See Example 2 in this section.)
An agent is selling an investment that earns 4.955% compounded semiannually. What is the APY (in percent) of the investment? (Round your answer to the nearest hundredth of a percent.)
A deposit of $30,000 is placed in a scholarship fund that earns an annual interest rate of 4.75% compounded daily. Find the value (in dollars) of the account after 4 years. (Assume all years have 365 days. Round your answer to the nearest cent.)
Blake Hamilton has money in a savings account that earns an annual interest rate of 4%, compounded monthly. What is the APY (in percent) on Blake's account? (Round your answer the nearest hundredth of a percent.)
A student obtains a loan for $7,150. How much money does the student actually receive, assuming a loan fee of 1.05%? (Round your answer to the nearest cent.)
Use 365 for the number of days in a year.
Calculate the future value (in dollars) of $1,250 deposited into an account earning an annual simple interest rate of 5% compounded daily after 3 years. (See Example 1 in this section. Round your answer to the nearest cent.)